5 Questions
What is NOT a potential outcome of the marketing department successfully identifying customer requirements and future needs?
Reduce competition in the market
Which of the following is a potential outcome of the marketing department successfully identifying customer requirements and future needs that is related to a business's reputation?
Maintain or improve the image of the product or business
What is a potential outcome of the marketing department successfully identifying customer requirements and future needs that is related to a business's customer base?
Target a new market or market segment
Which of the following is a potential outcome of the marketing department successfully identifying customer requirements and future needs that is related to a business's financial performance?
Increase in revenue and profitability
What is a potential outcome of the marketing department successfully identifying customer requirements and future needs that is related to a business's products?
Develop new products or improve existing products
Study Notes
Benefits of Identifying Customer Requirements
- Enables the business to raise customer awareness of a product or service
- Leads to an increase in revenue and profitability
- Allows the business to increase or maintain market share
- Helps maintain or improve the image of the product or business
- Facilitates targeting a new market or market segment
- Enables the business to enter a new market at home or abroad
- Leads to the development of new products or improvement of existing products
Identify the benefits of successful marketing strategies in meeting customer needs and driving business growth. This quiz covers the importance of marketing in increasing revenue, maintaining market share, and improving product image.
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